Christo Wiese sues Steinhoff for R59 billion

Christo Wiese. Picture: Supplied.

I would think it’s obvious [when asked why he’s suing]. To recover the money I invested based on misleading information.

Chriso Wiese

Markus, like many other high profile people, has his enemies… Did I ever see anything that indicated dishonesty? The answer is ‘no’.

Chriso Wiese

Companies in Christo Wiese’s Titan Group have served summons on Steinhoff International Holdings (Pty) Ltd, registered in South Africa, and Steinhoff International Holdings NV, registered in the Netherlands, in respect of claims totalling R59 billion.

The claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016.

(Also read: It came like a bolt out of the blue! – Christo Wiese on the Steinhof crisis)

The companies claim cancellation of the agreement entered into with Steinhoff International Holdings (Pty) Limited in 2015 whereby the Titan Group subscribed for shares in Steinhoff following the acquisition of Pepkor Limited.

They now claim repayment of the subscription amount.

The second claim relates to the Titan Group’s capital injection into Steinhoff in 2016 to enable it to meet its debt obligations at the time of its acquisition of Mattress Firm in the US.

The Money Show’s Bruce Whitfield interviewed Wiese.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Does anyone suggest that a Chairman can’t be misled?

Chriso Wiese

To say I was ‘blinkered’ is putting it too strongly… It’s stretching the point a little bit…

Chriso Wiese

I invested cash into the company… I was on the board for two years to see how the company was run… It was only then that I decided to make that very substantial investment…

Chriso Wiese

I said in Parliament that I’ve lost 30 years of my life!

Chriso Wiese

It would be fair to assume that it is highly unlikely that he [Markus Jooste] could’ve acted entirely on his own…

Chriso Wiese

Markus’s style was certainly not Whitey’s style… I ascribed it to no more than that.

Chriso Wiese

Don’t let me go on record making that kind of comment [when asked if his trust was betrayed].

Chriso Wiese

…I was naïve… I never heard from him [Jooste] again to this day…

Chriso Wiese

It is actually laughable… Christo Wiese knows there are shenanigans, but he invests R59 billion?! Do you think I am totally insane?

Chriso Wiese

Prominent people from around the world has told me, ‘Don’t let this break your self-confidence, or make you bitter’…

Chriso Wiese

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
It came like a bolt out of the blue! – Christo Wiese (on the Steinhof crisis)

It came like a bolt out of the blue! – Christo Wiese (on the Steinhof crisis)

The Money Show’s Bruce Whitfield interviews EWN reporter Gaye Davis.

10 wealthiest Africans (according to a new Forbes ‘rich list’)

10 wealthiest Africans (according to a new Forbes ‘rich list’)

Nigeria’s Aliko Dangote remains the richest. Christo Wiese is a billionaire once more. Bruce Whitfield interviews Chris Bishop.

Why Steinhoff (formerly SA’s 5th biggest company) lost 62% of its value in a day

Why Steinhoff (formerly SA’s 5th biggest company) lost 62% of its value in a day

Bruce Whitfield interviews Steinhoff Chair Christo Wiese, the JSE's John Burke and Anchor Capital CIO Sean Ashton.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.

Popular articles

Azania, Bongani queue for new model flip phone

Samsung's new Galaxy Z Flip has South Africa, and our presenters, abuzz - and it launched in SA today!

Jacob Zuma is coming back to Mzansi, supporters told to gather at OR Tambo

Jacob Zuma is coming back to Mzansi, supporters told to gather at OR Tambo

Committee member of the Gauteng RET Zuma supporters Carl Niehaus says supporters must arrive before 10am.

Dudu Myeni 'unwilling to spend her money on delinquency case, feels targeted'

Dudu Myeni 'unwilling to spend her money on delinquency case, feels targeted'

Organisation Undoing Tax Abuse chief legal officer Advocate Stefanie Fick shares the latest.

Lesotho PM Tom Thabane a no-show in court amid rumours that he's fled to SA

Lesotho PM Tom Thabane a no-show in court amid rumours that he's fled to SA

EWN reporter Nthakoana Ngatane says there are reports that the prime minister is in South Africa for a medical appointment.

Tazne van Wyk's alleged killer has 11 convictions to his name - report

Tazne van Wyk's alleged killer has 11 convictions to his name - report

Eyewitness News reporter Lizelle Persens says the case has been postponed to April for further investigations.

Freedom Park pupil stabbed to death by classmate

Freedom Park pupil stabbed to death by classmate

Gauteng Education spokesperson Steve Mabona says the department is at a loss of for words after the death of another pupil.

[LISTEN] Unpacking the concept non-binary

[LISTEN] Unpacking the concept non-binary

Dr Eve breaks down some of the identities that are outside the gender binary.

'We tend to retire from something and what we should do is retire to something'

'We tend to retire from something and what we should do is retire to something'

Eusebius McKaiser and for 702 presenter John Robbie co-host an hour open line special.

[WATCH] Kid completing an extreme backflip stunt has social media talking

[WATCH] Kid completing an extreme backflip stunt has social media talking

Khabazela shares some of the videos that went viral on Twitter and Facebook.

[WATCH] Syrian father teaching daughter how to cope through laughter goes viral

[WATCH] Syrian father teaching daughter how to cope through laughter goes viral

Khabazela shares some of the videos that went viral on Twitter and Facebook.